What Is A Smart Safe And Why Do You Need One?

No matter what kind of business you own or manage, there’s one thing that matters more than anything else: the bottom line. Sure, employing people and knowing that you are helping to drive the country’s economy is pretty important too, but that only happens if you make sure that you are profitable.

As such, doing everything within your power to protect and promote your cash flow should be at the top of your priority list. From making sure that you offer a competitive product or service to finding an account you are comfortable with to handle your bookkeeping and taxes, there are lots of things to consider when driving your bottom line, and a smart safe is an excellent place to start.

In today’s blog, the smart safe experts at Monify will discuss what a smart safe is and how the Armor series of smart safes we sell can protect and save you money, helping your business to succeed.

What Is A Smart Safe?

A smart safe is your best friend as a business owner because a smart safe combines cash protection with cash monitoring and tracking software, allowing you to have full security and full transparency for your money every step of the way.

A smart safe protects money in the same way as a traditional safe, but it allows money to be deposited and removed by authorized individuals without the safe ever needing to open. In other words, no one who shouldn’t have access to your money ever will, and even those who need access (shift managers, etc.) will only ever have access to what they need.

With up to 10 different levels of permissions and auditing, counting, and recording of every single transaction — deposit and withdrawal — based on unique PIN numbers assigned to your employees, you’ll know precisely when, where, and by whom every dollar is added and removed from your smart safe.

Ways A Smart Safe Protects Your Business

There are lots of ways that a smart safe protects your business, but here are a few of the primary ones that can help every single business save money.

Save Time

It doesn’t matter whether you run a flower shop or a bustling local bar and restaurant, time spent counting up your drawers is incredibly time-consuming. This important function is often completed by a senior or junior management member, meaning that they are unavailable to assist with the moment to moment needs of the business.

A smart safe means that time spent counting drawers, recording drawer transactions, and monitoring cash counts can largely be spent on providing service or taking payments from customers because the smart safe is doing the safe, secure accounting for you.

Eliminate Counting Errors

One of the most challenging situations for both accountants and the management team that is counting drawers is counting errors. Counting errors often happen because of drawers being counted by tired employees at the end of long shifts, because the repetition of counting drawers makes mistakes easy, and because managers who are counting are easily interrupted to deal with crisis-type situations.

All of this can lead to loss, extra time spent tracking down money, and even to the development of suspicion about a team member — none of which is helpful to your attempts to save money, maintain a positive work environment, or retain skillful, trained staff.

With a smart safe, highly developed and extensively tested money tracking software counts your bills and change for you, so there won’t be any more count error mysteries to solve.

Avoid Theft

The Association of Certified Fraud Examiners estimates that businesses lose as much as 5% of their total annual earnings to employee fraud and abuse. Just stop and think about how much closer 5% over last year would already put you to your growth goals.

A smart safe truly protects your money with state-of-the-art technology and hardware that makes accessing the content without permission a daunting task, even for a professional.

Complete Transaction Accounting

Employees must use a PIN to deposit or remove money from the safe, and your Armor smart safe tracks every single transaction — in and out. In short, there is no hiding an attempt to shortchange the safe from either side because employees essentially electronically sign off on every single deposit and withdrawal.

Best of all, you can see real-time transactions and status reports of your smart safe.